Financial News
WeWork expected to delay IPO until at least October: reportExternal Link

WeWork's parent company, which was expected to kick off its IPO roadshow this week and go public as soon as next week, is now expected to delay its initial public offering until at least October, the Wall Street Journal reported Monday. Investors have reportedly worried about the company's value and corporate governance. Last week, the We Co. pledged to make sweeping changes to its governance to address investors' concerns. Other reports last week said that SoftBank Group Co., the company's biggest investor, urged it to shelve the IPO amid reports that WeWork's valuation would be reduced to $20 billion or less, a far cry from the $47 billion it was valued at last year after a funding round.

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Mon, 16 Sep 2019 23:11:45 GMT
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Corning stock drops after display, optical outlooks cut External Link

Corning Inc. shares fell in the extended session Monday after the materials company reduced its outlook for the year in two of its business segments. Corning shares fell 8.5% after hours, following a 0.4% decline to close at $30.05 in the regular session. The company said it expects optical communications sales to decline by 3% to 5% for the year, compared with its previous forecast of a low-to-mid-single digit percentage increase. Analysts surveyed by FactSet expect sales of $4.37 billion, or a 4.3% increase. In display technologies, Corning continues to expect third-quarter prices to be sequentially flat, and full-year glass prices to decline by a low-to-mid single-digit percentage. Analysts expect $3.35 billion, or a 2.1% increase.

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Mon, 16 Sep 2019 22:58:42 GMT
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Acceleron Pharma stock down 4% after company halts treatment trialExternal Link

Shares of Acceleron Pharma Inc. fell nearly 4% in the extended session Monday after the biopharmaceutical company said one of its treatments aimed at a type of muscular dystrophy showed no evidence of benefits relative to a placebo. The company has stopped further clinical trials, saying it was "disappointed" with the results. The treatment, called ACE-083, is on a trial for another neuromuscular disorder and topline results are expected in the first quarter, Acceleron said. The stock ended the regular trading day 1.7% higher.

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Mon, 16 Sep 2019 21:17:31 GMT
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SeaWorld CEO resigns after seven months in the jobExternal Link

SeaWorld Entertainment Inc. said late Monday that Chief Executive Gustavo Antorcha has resigned, citing "a difference of approach." Chief Financial Officer Marc Swanson will serve as interim CEO, with Elizabeth Castro Gulacsy, the chief accounting officer, appointed interim CFO while keeping her accounting responsibilities. The changes are effective immediately, SeaWorld said. Antorcha, a former Carnival Cruise Lines executive, joined the company in February after a year-long search for a new leader. Former CEO Joel Manby stepped down in February 2018 as SeaWorld intensified its turnaround efforts following years of controversy over its treatment of orcas. SeaWorld said it has hired an executive search firm to determine Antorcha's successor. "While I may have a difference of approach, I continue to believe in SeaWorld's strategy, mission, team and prospects," Antorcha said in a statement. Shares of SeaWorld fell 0.2% in the extended session Monday after ending the regular trading day down less than 0.1%.

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Mon, 16 Sep 2019 20:30:28 GMT
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Dow snaps eight-day winning streak after Saudi oil attackExternal Link

U.S. stocks ended lower on Monday after investors were rattled by a drone strike on Saudi Arabian oil facilities over the weekend. The S&P 500 fell 0.3% to end around 2,998. The Dow Jones Industrial Average shed 143 points, or 0.5%, to end near 27,077, based on preliminary numbers. The Nasdaq Composite was down 0.3% to finish around 8,154. The drone attack underlined the vulnerability of major oil producers in the Middle East, renewing geopolitical fears over the region. Fears of tightening supplies sent values for crude surging. U.S. crude prices rose by more than 14% to settle at $62.90 a barrel on Monday, marking its biggest daily gain since Sept. 2008. Investors also raised concerns that the U.S. may escalate its current conflict with Iran over the attack.

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Mon, 16 Sep 2019 20:09:46 GMT
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